Latin American Economy & Business - February 2017 (ISSN 1741-7430)

Venezuela: Official shake-up as recession deepens

The last month has seen a shake-up in the senior echelons of government, the Banco Central de Venezuela (BCV), and the state oil company Petróleos de Venezuela (Pdvsa), amid growing signs that the economic crisis is deepening. A leaked report from the central bank (BCV) contained data stating that GDP contracted by a huge 18.6% last year, with inflation spiralling to 800%. Yet there is little sign that President Nicolás Maduro’s new appointees are either capable or willing to address the crisis, raising questions about how much worse conditions are likely to get in 2017.